Regulation DD, or Truth in Savings, is a federal bank regulations administered by the Federal Deposit Insurance Corporation (FDIC) that protects consumers from unfair or deceptive practices by financial institutions, such as banks and credit unions, when it comes to savings accounts. The main purpose is to ensure customers receive accurate and helpful information in order to make informed decisions when it comes to managing and growing their savings.

At its core, Regulation DD is intended to help give consumers full disclosure of the costs and benefits of their savings accounts. To comply with the law, banks and credit unions are required to provide certain written disclosures to customers, including information about account fees, annual percentage yields (APYs), balance requirements and other important details. Plus, all disclosures must be written in plain English—clear and concise enough that customers of all backgrounds can understand.

These requirements are intended to help protect consumers from less-than-ideal savings practices. It also works to validate the experiences of customers who feel like they’ve been taken advantage of when it comes to savings accounts. To accomplish this, Regulation DD provides comprehensive disclosure regulations for various account types, ranging from checking accounts to certificates of deposit (CDs).

For example, institutions are required to show customers accurate APYs for ordinary savings accounts, money market deposit accounts, negotiable order of withdrawal (NOW) accounts and more. They’ll also need to disclose key terms like minimum balance requirements, maintenance fees and activity fees. Additionally, financial institutions must provide customers with annual notices of disclosures, which includes all applicable fees and interest rates associated with each account.

Regulation DD also requires financial institutions to provide certain notices to qualified applicants who are denied accounts, as well as any customers who are charged overdraft fees. For example, banks and credit unions must share the reason for any such rejections and provide them with contact information for further questions or complaints.

Ultimately, the main goal of Regulation DD is to make sure customers are treated fairly when it comes to savings accounts. It also helps create marketplace standards that financial institutions must adhere to—all in the name of ensuring customers make the most of their savings.